NEW YORK (AP) – AstraZeneca PLC said that it completed its $1.26 billion acquisition of gout drug developer Ardea Biosciences Inc.

AstraZeneca agreed to buy Ardea in April for $32 per share, a 54% premium to the stock’s closing price the trading day before the deal was announced.

The San Diego company is studying two potential treatments for gout and an experimental treatment for cancer.

Date: June 20, 2012
Source: Associated Press